Interview

Danger Ahead for Tax Loopholes

An interview with tax guru Robert Willens. Sizing up proposals that could affect REITs, AT&T and others.

When it comes to analyzing companies, taxes don't always command the same amount of attention from investors as, say, earnings growth or profit-margin trends. But taxes and tax policy, however dry and arcane, can have a profound impact on a company's financial outlook. How quickly a company can depreciate equipment it buys, whether it can repatriate cash cheaply, or even whether it's able to convert to a REIT (real-estate investment trust)—along with, of course, shutting down corporate-tax loopholes—are all hot topics in Congress...